How do Meltdown, Spectre chip vulnerabilities affect cryptocurrency and wallet security?

Cybersecurity and cyber threats are a matter of concern for every individual. Whether you use the computer to store the data or use it for some bigger purpose like cryptocurrency exchange, these machines have become an integral part of our lives. Any threat of security breach to the system can result in damage to the entire system, and it can take away important data along with your money. I’m sure that you are not willing to lose your personal information or money. Well, the recent threat of meltdown and spectre chip vulnerabilities has raised many eyebrows. They have posed a threat to computer users and those who are using this system for cryptocurrency exchange. Let’s explore more about this threat and what is the way out.

What are meltdown and spectre chips?

Meltdown and Spectre impact modern processors. It allows the program to steal data that the computer is processing. Although this program cannot read data from another program, a malicious program can explore Meltdown and Spectre vulnerabilities and get hold of the confidential information stored in the memory of the running programs. So, what you have under threat are emails, photos, browsers, password managers, instant messages and business-critical documents.

Meltdown and Spectre run on mobile, computer and cloud. Based on the type of cloud’s infrastructure, it steals the data. So, everything comes under a threat. Now let us have a look at this from the perspective of cryptocurrency.

As we know that the cryptocurrency exchange takes place online. In fact, for all the transactions, you store cryptocurrencies in your wallet, and everything is on a computer. With Meltdown and Spectre chip vulnerabilities, all this information becomes accessible to the malicious attack. Thus there is a greater probability to lose all your cryptocurrencies along with other information. However, the world’s leading cryptocurrency exchange Coinbase has clearly indicated that the platform is absolutely safe. One of the ways recommended by Coinbase is to store the cryptocurrency in the Vaults present on Coinbase. Besides, it is also important to store the wallet key separately in the hardware wallet. The ledger hardware wallet is designed to store the information and the crypto asset in a safe environment. This will keep all the information safe and secured and free from any breach or threat.

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